Mar 31, 2015
A. Basis of preparation of financial Statements
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013.
The financial statements are prepared on accrual basis under the
historical cost convention,
B. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires judgements, estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Accounting estimates could change from period to period. Actual results
could differ from those estimates. Difference between the actual
results and estimates are recognised in the period in which the results
are known/materialised.
C. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes, trade
discounts and rebates less accumulated depreciation and impairment
loss, if any. The cost of tangible Assets comprises its purchase price,
borrowing cost and any cost directly attributable to bringing the asset
to its working condition for its intended use.
Subsequent expenditures related to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
D. Depreciation and Amortization
Depreciation is provided on the straight line method. Depreciation is
provided based on useful life of the assets as prescribed in Schedule
II to the Companies Act, 2013. For additions and disposals,
depreciation is provided pro-rata for the period of use. The
management had decided to amortize the goodwill over a period of ten
years.
E. Revenue Recognition
Revenue from sale of Logistics & Supply Chain Services is recognized on
accrual basis on completion of job and Transportation Sales are
recognized when the vehicles are dispatched.
F. Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the interest rate applicable.
G. Taxation
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income
for the period and reversal of timing differences of earlier
years/period. Deferred tax assets are recognized only to the extent
that there is a reasonable certainty that sufficient future income will
be available except that deferred tax assets, in case there are
unabsorbed depreciation or losses, are recognized if there is virtual
certainty that sufficient future taxable income will be available to
realize the same.
H. Earning per share
Basic earning per share is computed by dividing the net profit or loss
for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Diluted
earnings per share is computed by taking into account the aggregate of
the weighted average number of equity shares outstanding during the
period and the weighted average number of equity shares which would be
issued on conversion of all the dilutive potential equity shares into
equity shares.
I. Cash Flow Statement
Cash Flows are reported using indirect method as specified in
Accounting Standard (AS-3) "Cash Flow Statement". The cash flows from
operating, investing and financing activities of the company are
segregated. Cash and Cash Equivalent comprises of cash in hand, balance
in bank accounts and earmarked fixed deposits with bank.
J. Provisions, Contingent Liabilities and Contingent Assets
Provision is recognized in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2014
1. Accounting Convention
The accounts have been prepared under the historical cost conventions
to comply in all material aspects with applicable accounting principles
in India, and are in accordance with Generally Accepted Accounting
Principles and the Accounting Standards issued by Institute of
Chartered Accountants of India to the extent applicable and the
relevant provisions of the Companies Act, 1956. GAAP comprises
mandatory Accounting Standard as prescribed by the companies
(Accounting Standards) rules 2006, provisions of companies Act, 1956
and guidelines issued by the Securities and Exchange Board of India.
The preparation of the financial statements in accordance with the
generally accepted accounting principles requires that management makes
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as of the date of
financial statements and the reported amounts of revenue and expenses
during the reporting period. Management believes that the estimates
used in the preparation of financial statements are prudent and
reasonable. The financial statements have been prepared under
historical cost convention on an accrual basis. The Accounting policies
have been consistently applied by the Company and are consistent with
those used in the previous year. Actual results could differ from
these estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
2. Fixed assets
Fixed assets are stated at cost less accumulated depreciation,
impairment loss, if any. Cost of acquisition inclusive of inward
freight, duties, taxes and incidental expenses related to acquisition,
commissioning and installation incurred to bring the assets to its
working condition for intended use.
3. Depreciation including amortization of intangible assets
Depreciation is provided on the straight-line method at the rates and
in manner prescribed in Schedule XIV to the Companies Act, 1956 based
on the estimated useful life of the asset as determined by the
management. For additions and disposals, depreciation is provided
pro-rata for the period of use. The management had decided to amortize
the goodwill over a period of ten years.
5. Revenue recognition
Revenue from sale of services (Material Handeling) is recognized on
accrual basis on completion of job.
Transportation Sales are recognized when the vehicles dispatched.
Interest Income is recognized on time proportion basis.
6. Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable
7. Taxation
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of Income Tax Act, 1961 and based on the expected outcome of
assessment/ appeals.
Deferred tax is recognized on timing difference between the accounting
income and the taxable income for the period and quantified using the
tax rates and laws enacted or substantively enacted on the Balance
Sheet date.
8. Earnings per share
Basic earning per share is computed by dividing the net profit or loss
for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Diluted
earnings per share is computed by taking into account the aggregate of
the weighted average number of equity shares outstanding during the
period and the weighted average number of equity shares which would be
issued on conversion of all the dilutive potential equity shares into
equity shares.
9. Cash Flow Statement:
Cash Flows are reported using the indirect method as specified in
Accounting Standard (AS-3) "Cash Flow Statement". Cash and Cash
Equivalent comprises of cash in hand, balance in bank accounts and
earmarked fixed deposits with bank.
10. PROVISIONS: PROVISION AND CONTINGENT LIABILITIES:
Provision is recognized (for liabilities that can be measured by using
a substantial degree of estimation) when:
a) the company has a present obligation as a result of a past event;
b) a probable outflow of resources embodying economic benefits is
expected to settle the obligation; and
c) the amount of the obligation can be reliably estimated
Contingent liability is disclosed in case there is:
a) Possible obligation that arises from past events and existence of
which will be confirmed only by the occurrence or non- occurrence of
one or more uncertain future events not wholly within the control of
the enterprise; or
b) a present obligation arising past events but is not recognized
1. when it is not possible that an outflow of resources embodying
economic benefits will be required to settle the obligation; or
2. A reliable estimate of the amount of the obligation cannot be made.
Mar 31, 2012
1. Accounting Convention
The accounts have been prepared under the historical cost conventions
to comply in all material aspects with applicable accounting principles
in India, and are in accordance with Generally Accepted Accounting
Principles and the Accounting Standards issued by Institute of
Chartered Accountants of India to the extent applicable and the
relevant provisions of the Companies Act, 1956. GAAP comprises
mandatory Accounting Standard as prescribed by the companies
(Accounting Standards) rules 2006, provisions of companies Act, 1956
and guidelines issued by the Securities and Exchange Board of India.
The preparation of the financial statements in accordance with the
generally accepted accounting principles requires that management
makes estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities as of
the date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Management believes that the
estimates used in the preparation of financial statements are prudent
and reasonable. Actual results could differ from these estimates. Any
revision to accounting estimates is recognized prospectively in current
and future periods.
2. Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Cost of
acquisition inclusive of inward freight, duties, taxes and incidental
expenses related to acquisition, commissioning and installation
incurred to bring the assets to its working condition for intended use
3. Depreciation including amortization of intangible assets
Depreciation is provided on the straight-line method at the rates and
in manner prescribed in Schedule XIV to the Companies Act, 1956 based
on the estimated useful life of the asset as determined by the
management. For additions and disposals, depreciation is provided
pro-rata for the period of use. The management had decided to amortize
the goodwill over a period of ten years.
4. Revenue recognition
Transportation Sales are recognized when the vehicles dispatched.
Interest Income is recognized on time proportion basis. Sale of
Aggregate The sale is booked as soon as goods are dispatched from the
Crusher to parties.
5. Taxation
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of Income Tax Act, 1961 and based on the expected outcome of
assessment/ appeals.
Deferred tax is recognized on timing difference between the accounting
income and the taxable income for the period and quantified using the
tax rates and laws enacted or substantively enacted on the Balance
Sheet date.
6. Earnings per share
The basic earnings per share is computed by dividing the net profit
attributable to the equity shareholders for the year by the weighted
average no of equity shares outstanding the year. Diluted earning per
share if computed in the case of the company will come same as the
basic earning per share.
7. Cash Flow Statement:
Cash Flows are reported using the indirect method as specified in
Accounting Standard (AS-3) "Cash Flow Statement". Cash and Cash
Equivalent comprises of cash in hand, balance in bank accounts and
earmarked fixed deposits with bank.
Mar 31, 2010
A) That Company maintains its accounts on mercantile system of
accounting and are in compliance with the accounting standard referred
to the section 211 (3C) of the Companies Act, 1956.
b) Revenue Recognition
Income & Expenditure are accounted for as accrual basis.
c) Inventories
There are no Inventories at the close of the year.
d) Fixed Assets
Fixed Assets are stated at historical cost which includes expenditure
incurred on acquisition , construction and installation.
e) Depreciation
Depreciation has been provided on straight line method at the rate
prescribed in schedule XIV of the Companies Act, 1956 as amended by
notification No. GSR 756 (E) dated 16th December, 1993.
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